European Stocks Edge Higher After Longest Slump Since NovemberBy
European stocks closed higher, snapping a four-day decline, as gains in travel and construction companies offset losses in miners.
The Stoxx Europe 600 Index rose 0.2 percent at the close. The benchmark trimmed intraday declines on Monday as construction companies rallied on U.S. President Donald Trump’s comments about “big” spending on infrastructure. Investors are seeking details of his economic plans from his address to a joint session of Congress, due after European markets close.
“While markets no doubt appear to like what they are hearing, the president now needs to deliver,” Michael Hewson, chief market analyst at CMC Markets in London, wrote in a note. “If he fails to do so, we could well see a swift market reaction.”
- The Stoxx 600 closed at a two-week low on Monday. The benchmark lost momentum after reaching a 14-month high on Feb. 21.
- Some shares were active on corporate results. Meggitt Plc rallied 13 percent after reporting a 17 percent jump in annual profit, while Moneysupermarket.com Group Plc slumped 6.1 percent after saying 2017 revenues were trailing last year’s figures.
- Seadrill Ltd. tumbled 15 percent after warning it may miss a deadline in challenging talks to restructure its debt load. That would force the offshore driller to implement emergency plans that could include filing for bankruptcy protection.
- Commodity producers dropped 1.1 percent, the biggest decline in the Stoxx 600, to close at their lowest level in almost three weeks.
— With assistance by Elena Popina
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.